What is the Meaning of Agriculture or Agriculture Rent or Agriculture Revenue ?come Tax...

The word "agriculture" is not defined under Income Tax Act. However, it is important to understand the meaning of agriculture because any income associated...

What is Meaning of Profession Under Section 44 of the Income Tax Act ?

The word profession is defined under section 44AA of the Income Tax Act to mean certain types of professions . The definition u/s 44AA...

What is the Meaning of Legal Tender Used in Rule 6DD?

Rule 6DD of the Income Tax Rule prescribes situation and circumstances under which payments of any expenditure in excess of Rs 20000 , even...
profession of accountancy

Meaning of Profession of Accountancy Used in Section 44AA Explained.

Section 44AA of the Income Tax Act provides that certain persons carrying on business or profession will have to maintain books of accounts, if...
meaning_of_relative

Meaning of Relative : List of 44 Relatives Who Can Give Tax Free Gifts...

Meaning of relative is very important to examine whether the gift receipt in hand of an individual is taxable or tax free. Section 56(2)of...

Meaning of “not for the purpose of profit” for Exemption to educational insututes

The condition that the exemption to educational institution under section 10(23)(c) of the Income tax Act  is allowed only when the educational institution is run "not for the...

Section 10(23)(c): What is Meaning of Education ?

Education is defined as  one of the charitable purpose for which exemption u/s 11 or 12 or 10(23)(c) can be claimed  by an assessee....
charitable_trust

Meaning of Word Property for Section 11

Section 11 of the Income Tax Act provides law about the taxation of income of a charitable or religious trust of institution  The word used in section...

Section 11: What is the Meaning of Institution?

Section 11 , 12 and 13 of I.T Act   mention the word "institution" apart from word trust , as an entity which can also claim exemption u/s...
trust

What is the Meaning of Education for Charitable Purpose ?

Education is one of the charitable purpose activities , income from which , is tax free for registered trusts and entities under section 12A...